9. Markit MCDX Index Monitor – The Markit MCDX is a measure of municipal credit default swaps. We believe this index is a useful indicator of pressure in state and local governments. Markit publishes index values daily on four 5-year tenor baskets including 50 reference entities each. Each basket includes a diversified pool of revenue and GO bonds from a broad array of states. Our index is the average of their four indices. Last week spreads fell to 118.

10. Baltic Dry Index– The Baltic Dry Index measures international shipping rates of dry bulk cargo, mostly commodities used for industrial production. Higher demand for such goods, as manifested in higher shipping rates, indicates economic expansion. Early in the year, Australian floods and oversupply pressured the Index, driving it down 30% before bouncing off the lows. Last week it hit its lowest level since early March, falling to 1254.

11. 2-10 Spread – We track the 2-10 spread as a proxy for bank margins. Last week the 2-10 spread widened 3 bps to 274 bps.

12. XLF Macro Quantitative Setup– Our Macro team sees the setup in the XLF as follows: 0.4% upside to the bottom of the TRADE range, 1.8% downside to TREND support.

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